AOL’s Daily Finance blog has signed a third ex-Portfolio staffer to join its Daily Finance team, further indicating that the Web 1.0 online giant is serious about expanding — and spending the money to do so.

Where other sites are being forced to cut back and do more with less, AOL seems to be merrily picking up name-brand talent in what is becoming a regular habit.

The NY Times’ David Carr writes about AOL’s transformation from gated-community ISP to content powerhouse. And while AOL deserves a ton of credit for righting a ship that appeared destined to to sink, a closer look at how the Internet giant gets its massive traffic numbers actually belies the true value of both its content and traffic. Is all this focus on content part of a larger communications strategy in advance of Time Warner’s plans to spin-off AOL as a separate company?